USDA Reports

Jerry Gulke, president of the Gulke Group, says grains posted lower weekly closes as the markets were pressured by ideal weather and ideas of higher yields.

Corn markets faded lower old and new crop ending stocks from USDA in the July WASDE.

DuWayne Bosse of Bolt Marketing says the bounce in the grain markets was mostly short covering heading into Friday’s WASDE Report. However, the market may not trade the report numbers long before it turns it attention back to weather.

Mark Knight with Farmer’s Keeper Financial says corn opened lower but was trying to recover early on short covering, but also following the strength in the wheat market. Soybeans fell further on tariff concerns.

Shawn Hackett, Hackett Financial Advisors, says the June 30 reports have traditionally produced some fireworks, especially as they coincide with the end of the month and quarter which also triggers some portfolio re-balancing by the funds, but that didn’t happen Monday.

Matt Bennett, AgMarket.Net says, the corn market is breathing a sigh of relief as some whisper numbers on acreage were substantially larger than the March intentions.

Randy Martinson, Martinson Ag, chalks the recovery up to short covering heading into the weekend and position squaring ahead of Monday’s USDA reports.

Historically, the corn market has been well over $5 with ending stocks this tight, says Darren Frye with Water Street Advisory, Inc. Will higher-than-expected corn inventory show up in USDA’s Quarterly Stocks Report?

Scott Varilek, Kooima Kooima Varilek, says cattle futures are holding together despite lower cash trade, while grains are finally seeing a bounce in reaction to a China deal on rare earths.

Kevin Duling, KD Investors, says the funds continue to sell in the grain markets, and both old and new crop corn hit new contract lows Thursday before bouncing off those levels. So, how much more downside risk is there?